EastGroup Properties (EGP) 10-Q 20 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
	Jun. 30, 2015	Jul. 17, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	EastGroup Properties Inc
Entity Central Index Key	49,600
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,954,758,000
Entity Common Stock, Shares Outstanding		32,314,021
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015

CONSOLIDATED BALANCE SHEETS - U

CONSOLIDATED BALANCE SHEETS - Unaudited - USD ($)	Jun. 30, 2015	Dec. 31, 2014
ASSETS
Real estate properties	$ 1,932,961,000	$ 1,894,973,000
Development	198,143,000	179,973,000
Real estate and development properties	2,131,104,000	2,074,946,000
Less accumulated depreciation	(627,336,000)	(600,526,000)
Real estate, net	1,503,768,000	1,474,420,000
Unconsolidated investment	8,090,000	7,884,000
Cash	13,000	11,000
Other Assets	91,612,000	93,509,000
TOTAL ASSETS	1,603,483,000	1,575,824,000
LIABILITIES
Secured debt	385,714,000	453,776,000
Unsecured debt	455,000,000	380,000,000
Unsecured bank credit facilities	133,328,000	99,401,000
Accounts payable and accrued expenses	35,166,000	39,439,000
Other liabilities	27,853,000	27,593,000
Total Liabilities	1,037,061,000	1,000,209,000
Stockholders' Equity:
Common shares; $.0001 par value; 70,000,000 shares authorized; 32,314,021 shares issued and outstanding at June 30, 2015 and 32,232,587 at December 31, 2014	3,000	3,000
Excess shares; $.0001 par value; 30,000,000 shares authorized; no shares issued	0	0
Additional paid-in capital on common shares	877,181,000	874,335,000
Distributions in excess of earnings	(313,392,000)	(300,852,000)
Accumulated Other Comprehensive Loss	(1,770,000)	(2,357,000)
Total Stockholders' Equity	562,022,000	571,129,000
Noncontrolling interest in joint ventures	4,400,000	4,486,000
Total Equity	566,422,000	575,615,000
TOTAL LIABILITIES AND EQUITY	$ 1,603,483,000	$ 1,575,824,000

CONSOLIDATED BALANCE SHEETS - 3

CONSOLIDATED BALANCE SHEETS - Unaudited (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common shares, authorized	70,000,000	70,000,000
Common shares, issued	32,314,021	32,232,587
Common shares, outstanding	32,314,021	32,232,587
Excess shares, par value (in dollars per share)	$ 0.0001	$ 0.0001
Excess shares, authorized	30,000,000	30,000,000
Excess shares, issued	0	0

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - Unaudited - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
REVENUES
Income from real estate operations	$ 57,827	$ 53,801	$ 115,402	$ 106,578
Other income	17	18	34	53
Revenues	57,844	53,819	115,436	106,631
EXPENSES
Expenses from real estate operations	16,047	15,625	32,460	30,637
Depreciation and amortization	17,984	17,154	36,126	34,322
General and administrative	3,812	2,958	8,350	6,406
Acquisition costs	0	160	0	160
Expenses	37,843	35,897	76,936	71,525
OPERATING INCOME	20,001	17,922	38,500	35,106
OTHER INCOME (EXPENSE)
Interest expense	(8,483)	(8,898)	(17,288)	(17,884)
Gain on Sales of Real Estate Investments	2,903	0	2,903	95
Other	242	218	609	439
DISCONTINUED OPERATIONS
Net Income	14,663	9,242	24,724	17,756
Net income attributable to noncontrolling interest in joint ventures	(130)	(124)	(261)	(266)
NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS	14,533	9,118	24,463	17,490
Other comprehensive income (loss) - cash flow hedges	3,122	(1,740)	587	(2,777)
TOTAL COMPREHENSIVE INCOME	$ 17,655	$ 7,378	$ 25,050	$ 14,713
BASIC PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 0.45	$ 0.29	$ 0.76	$ 0.56
Weighted average shares outstanding	32,045	31,137	32,039	30,972
DILUTED PER COMMON SHARE DATA FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract]
Net income attributable to common stockholders	$ 0.45	$ 0.29	$ 0.76	$ 0.56
Weighted average shares outstanding	32,139	31,244	32,121	31,063
AMOUNTS ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Net income attributable to common stockholders	$ 14,533	$ 9,118	$ 24,463	$ 17,490

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - Unaudited - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Distributions In Excess Of Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest in Joint Ventures
BALANCE at Dec. 31, 2014	$ 575,615	$ 3	$ 874,335	$ (300,852)	$ (2,357)	$ 4,486
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	24,724	0	0	24,463	0	261
Net unrealized change in fair value of interest rate swaps	587	0	0	0	587	0
Common dividends declared - $1.14 per share	(37,003)	0	0	(37,003)	0	0
Stock-based compensation, net of forfeitures	4,709	0	4,709	0	0	0
Issuance of 1,688 shares of common stock, common stock offering, net of expenses	52	0	52	0	0	0
Issuance of 2,160 shares of common stock, dividend reinvestment plan	126	0	126	0	0	0
Withheld 32,409 shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock	(2,041)	0	(2,041)	0	0	0
Distributions to noncontrolling interest	(347)	0	0	0	0	(347)
BALANCE at Jun. 30, 2015	$ 566,422	$ 3	$ 877,181	$ (313,392)	$ (1,770)	$ 4,400

CONSOLIDATED STATEMENTS OF CHA6

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - Unaudited (Parenthetical) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Stockholders' Equity Attributable to Parent
Common dividends declared - per share (in dollars per share)	$ 1.14
Issuance of shares of common stock, common stock offering, net of expenses	1,688
Issuance of shares of common stock, options exercised
Issuance of shares of common stock, dividend reinvestment plan	2,160
Withheld shares of common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock	32,409

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
OPERATING ACTIVITIES
Net Income	$ 24,724	$ 17,756
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization from continuing operations	36,126	34,322
Stock-based compensation expense	3,607	2,824
Gain on sales of land and real estate investments	(3,026)	(95)
Changes in operating assets and liabilities:
Accrued income and other assets	3,346	2,202
Accounts payable, accrued expenses and prepaid rent	(4,889)	(3,123)
Other	(226)	(80)
NET CASH PROVIDED BY OPERATING ACTIVITIES	59,662	53,806
INVESTING ACTIVITIES
Real estate development	(48,226)	(56,125)
Purchases of real estate	0	(41,751)
Real estate improvements	(11,593)	(9,912)
Proceeds from sales of land and real estate investments	5,156	3,471
Repayments on mortgage loans receivable	57	78
Changes in receivable for development infrastructure cost reimbursements	(2,020)	0
Changes in accrued development costs	(147)	12,076
Changes in other assets and other liabilities	(3,720)	(4,610)
NET CASH USED IN INVESTING ACTIVITIES	(60,493)	(96,773)
FINANCING ACTIVITIES
Proceeds from unsecured bank credit facilities	195,545	165,969
Repayments on unsecured bank credit facilities	(161,618)	(112,529)
Repayments on secured debt	(68,042)	(11,152)
Proceeds from unsecured debt	75,000	0
Debt issuance costs	(585)	(42)
Distributions paid to stockholders (not including dividends accrued on unvested restricted stock)	(37,254)	(34,183)
Proceeds from common stock offerings	52	37,033
Proceeds from dividend reinvestment plan	126	103
Other	(2,391)	(2,221)
NET CASH PROVIDED BY FINANCING ACTIVITIES	833	42,978
INCREASE IN CASH AND CASH EQUIVALENTS	2	11
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	11	8
CASH AND CASH EQUIVALENTS AT END OF PERIOD	13	19
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid for interest, net of amount capitalized of $2,494 and $2,336 for 2015 and 2014, respectively	$ 16,985	$ 17,350

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS - Unaudited (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental Cash Flow Information [Abstract]
Cash paid for interest, net of amount capitalized	$ 2,494	$ 2,336

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	BASIS OF PRESENTATION The accompanying unaudited financial statements of EastGroup Properties, Inc. (“EastGroup” or “the Company”) have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The financial statements should be read in conjunction with the financial statements contained in the 2014 annual report on Form 10-K and the notes thereto. Certain reclassifications have been made in the 2014 consolidated financial statements to conform to the 2015 presentation.

PRINCIPLES OF CONSOLIDATION

PRINCIPLES OF CONSOLIDATION	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	PRINCIPLES OF CONSOLIDATION The consolidated financial statements include the accounts of EastGroup Properties, Inc., its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At June 30, 2015 and December 31, 2014 , the Company had a controlling interest in two joint ventures: the 80% owned University Business Center and the 80% owned Castilian Research Center. The Company records 100% of the joint ventures’ assets, liabilities, revenues and expenses with noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation.

USE OF ESTIMATES

USE OF ESTIMATES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Use of Estimates	USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

REAL ESTATE PROPERTIES

REAL ESTATE PROPERTIES	6 Months Ended
	Jun. 30, 2015
Real Estate Investment Property, Net [Abstract]
Real Estate Properties	REAL ESTATE PROPERTIES EastGroup has one reportable segment – industrial properties. These properties are concentrated in major Sunbelt markets of the United States, primarily in the states of Florida, Texas, Arizona, California and North Carolina, have similar economic characteristics and also meet the other criteria permitting the properties to be aggregated into one reportable segment. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows (including estimated future expenditures necessary to substantially complete the asset) expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. As of June 30, 2015 and December 31, 2014 , the Company determined that no impairment charges on the Company’s real estate properties were necessary. Depreciation of buildings and other improvements is computed using the straight-line method over estimated useful lives of generally 40 years for buildings and 3 to 15 years for improvements. Building improvements are capitalized, while maintenance and repair expenses are charged to expense as incurred. Significant renovations and improvements that improve or extend the useful life of the assets are capitalized. Depreciation expense was $ 14,720,000 and $29,558,000 for the three and six months ended June 30, 2015 , respectively, and $14,094,000 and $28,067,000 for the same periods in 2014. The Company’s real estate properties and development at June 30, 2015 and December 31, 2014 were as follows: June 30, December 31, (In thousands) Real estate properties: Land $ 286,708 283,116 Buildings and building improvements 1,311,445 1,284,961 Tenant and other improvements 334,808 326,896 Development 198,143 179,973 2,131,104 2,074,946 Less accumulated depreciation (627,336 ) (600,526 ) $ 1,503,768 1,474,420

DEVELOPMENT

DEVELOPMENT	6 Months Ended
	Jun. 30, 2015
DEVELOPMENT [Abstract]
Development	DEVELOPMENT During the period in which a property is under development, costs associated with development (i.e., land, construction costs, interest expense, property taxes and other direct and indirect costs associated with development) are aggregated into the total capitalized costs of the property. Included in these costs are management’s estimates for the portions of internal costs (primarily personnel costs) deemed directly or indirectly related to such development activities. The internal costs are allocated to specific development properties based on construction activity. As the property becomes occupied, depreciation commences on the occupied portion of the building, and costs are capitalized only for the portion of the building that remains vacant. When the property becomes 80% occupied or one year after completion of the shell construction (whichever comes first), capitalization of development costs, including interest expense, property taxes and internal personnel costs, ceases. The properties are then transferred to Real estate properties , and depreciation commences on the entire property (excluding the land).

BUSINESS COMBINATIONS AND ACQUI

BUSINESS COMBINATIONS AND ACQUIRED INTANGIBLES	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Business Combinations and Acquired Intangibles	BUSINESS COMBINATIONS AND ACQUIRED INTANGIBLES Upon acquisition of real estate properties, the Company applies the principles of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations , which requires that acquisition-related costs be recognized as expenses in the periods in which the costs are incurred and the services are received. The Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill is recorded when the purchase price exceeds the fair value of the assets and liabilities acquired. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management's determination of the value of the property as if it were vacant using discounted cash flow models. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above and below market leases are included in Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in Other Assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease or the anticipated life of the customer relationship, as applicable. Amortization expense for in-place lease intangibles was $ 1,041,000 and $2,185,000 for the three and six months ended June 30, 2015 , respectively, and $1,121,000 and $2,333,000 for the same periods in 2014 . Amortization of above and below market leases increased rental income by $ 110,000 and $232,000 for the three and six months ended June 30, 2015 , respectively, and $89,000 and $176,000 for the same periods in 2014 . EastGroup did not acquire any operating properties during the six months ended June 30, 2015. During 2014, the Company acquired Ridge Creek Distribution Center III in Charlotte, North Carolina; Colorado Crossing Distribution Center in Austin, Texas; and Ramona Distribution Center in Chino, California. The Company purchased these properties for a total cost of $51,652,000 , of which $47,477,000 was allocated to Real estate properties . The Company allocated $10,822,000 of the total purchase price to land using third party land valuations for the Charlotte, Austin and Chino markets. The market values are considered to be Level 3 inputs as defined by ASC 820, Fair Value Measurements and Disclosures (see Note 18 for additional information on ASC 820). Intangibles associated with the purchase of real estate were allocated as follows: $5,074,000 to in-place lease intangibles, $4,000 to above market leases (both included in Other Assets on the Consolidated Balance Sheets), and $903,000 to below market leases (included in Other Liabilities on the Consolidated Balance Sheets). These costs are amortized over the remaining lives of the associated leases in place at the time of acquisition. The Company paid cash of $48,805,000 for the properties and intangibles acquired, assumed a mortgage of $2,617,000 and recorded a premium of $230,000 to adjust the mortgage loan assumed to fair value. EastGroup did not have any acquisition-related costs for the three and six months ended June 30, 2015 ; during the three and six months ended June 30, 2014, the Company expensed acquisition-related costs of $ 160,000 . The Company periodically reviews the recoverability of goodwill (at least annually) and the recoverability of other intangibles (on a quarterly basis) for possible impairment. In management’s opinion, no impairment of goodwill or other intangibles existed at June 30, 2015 and December 31, 2014 .

REAL ESTATE HELD FOR SALE DISCO

REAL ESTATE HELD FOR SALE DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Real Estate Held For Sale and Discontinued Operations	REAL ESTATE HELD FOR SALE/DISCONTINUED OPERATIONS The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amended the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The Company adopted the provisions of ASU 2014-08 as of January 1, 2014, and has applied the provisions prospectively. EastGroup sold a small parcel of land in New Orleans during the first quarter of 2015 for gross proceeds of $170,000 and recognized a gain of $123,000 . During the second quarter of 2015, EastGroup sold one operating property, the last of its three Ambassador Row Warehouses containing 185,000 square feet, for $5,250,000 and recognized a gain of $2,903,000 . During 2014, EastGroup sold five operating properties ( 442,000 square feet) for $21,381,000 and recognized gains of $9,188,000 . In addition, the Company sold a small parcel of land in Orlando for $141,000 and recognized a gain of $98,000 . The results of operations and gains on sales for the properties sold or held for sale during the periods presented are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains on the sales of land are included in Other , and the gains on the sales of operating properties are included in Gains on sales of real estate investments .

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2015
Other Assets [Abstract]
Other Assets	OTHER ASSETS A summary of the Company’s Other Assets follows: June 30, December 31, (In thousands) Leasing costs (principally commissions) $ 56,784 56,171 Accumulated amortization of leasing costs (22,486 ) (22,951 ) Leasing costs (principally commissions), net of accumulated amortization 34,298 33,220 Straight-line rents receivable 25,647 25,013 Allowance for doubtful accounts on straight-line rents receivable (272 ) (102 ) Straight-line rents receivable, net of allowance for doubtful accounts 25,375 24,911 Accounts receivable 2,820 4,459 Allowance for doubtful accounts on accounts receivable (310 ) (379 ) Accounts receivable, net of allowance for doubtful accounts 2,510 4,080 Acquired in-place lease intangibles 18,322 20,118 Accumulated amortization of acquired in-place lease intangibles (8,734 ) (8,345 ) Acquired in-place lease intangibles, net of accumulated amortization 9,588 11,773 Acquired above market lease intangibles 1,444 1,575 Accumulated amortization of acquired above market lease intangibles (686 ) (699 ) Acquired above market lease intangibles, net of accumulated amortization 758 876 Loan costs 8,140 8,166 Accumulated amortization of loan costs (4,474 ) (4,454 ) Loan costs, net of accumulated amortization 3,666 3,712 Mortgage loans receivable 4,934 4,991 Interest rate swap assets 1,585 812 Escrow deposits for 1031 exchange — 698 Receivable for development infrastructure cost reimbursements 2,020 — Goodwill 990 990 Prepaid expenses and other assets 5,888 7,446 Total Other Assets $ 91,612 93,509

DEBT

DEBT	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
DEBT	DEBT Secured Debt decreased $ 68,062,000 during the six months ended June 30, 2015 . The decrease primarily resulted from the repayment of a mortgage loan with a balance of $57,450,000 , regularly scheduled principal payments of $10,592,000 and mortgage loan premium amortization of $20,000 . Unsecured Debt increased $75,000,000 during the six months ended June 30, 2015 as a result of the closing of a $75 million unsecured term loan in March 2015. The loan has a seven -year term and requires interest only payments. It bears interest at the annual rate of LIBOR plus an applicable margin (currently 1.4% ) based on the Company's senior unsecured long-term debt rating. The Company also entered into an interest rate swap agreement to convert the loan's LIBOR rate component to a fixed interest rate for the entire term of the loan providing a total effective fixed interest rate of 3.031% . See note 13 for additional information on the Company's interest rate swaps. Unsecured Bank Credit Facilities increased $ 33,927,000 during the six months ended June 30, 2015 . Principal payments on long-term debt, including Secured Debt and Unsecured Debt (not including Unsecured Bank Credit Facilities ), as of June 30, 2015 are as follows: Years Ending December 31, (In thousands) Remainder of 2015 $ 34,312 2016 92,808 2017 58,239 2018 141,316 2019 130,568 2020 and beyond 383,471

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	ACCOUNTS PAYABLE AND ACCRUED EXPENSES A summary of the Company’s Accounts Payable and Accrued Expenses follows: June 30, December 31, (In thousands) Property taxes payable $ 15,688 15,216 Development costs payable 7,773 7,920 Interest payable 3,192 3,500 Dividends payable on unvested restricted stock 1,845 2,096 Other payables and accrued expenses 6,668 10,707 Total Accounts Payable and Accrued Expenses $ 35,166 39,439

OTHER LIABILITIES

OTHER LIABILITIES	6 Months Ended
	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
Other Liabilities	OTHER LIABILITIES A summary of the Company’s Other Liabilities follows: June 30, December 31, (In thousands) Security deposits $ 13,072 12,803 Prepaid rent and other deferred income 9,028 8,971 Acquired below-market lease intangibles 3,371 3,657 Accumulated amortization of below-market lease intangibles (1,444 ) (1,380 ) Acquired below-market lease intangibles, net of accumulated amortization 1,927 2,277 Interest rate swap liabilities 3,479 3,314 Prepaid tenant improvement reimbursements 31 212 Other liabilities 316 16 Total Other Liabilities $ 27,853 27,593

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME	6 Months Ended
	Jun. 30, 2015
COMPREHENSIVE INCOME [Abstract]
Comprehensive Income (Loss) Note [Text Block]	COMPREHENSIVE INCOME Total Comprehensive Income is comprised of net income plus all other changes in equity from non-owner sources and is presented on the Consolidated Statements of Income and Comprehensive Income. The components of Accumulated Other Comprehensive Income (Loss) are presented in the Company's Consolidated Statement of Changes in Equity and are summarized below. See Note 13 for information regarding the Company's interest rate swaps. Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): Balance at beginning of period $ (4,892 ) 592 (2,357 ) 1,629 Change in fair value of interest rate swaps 3,122 (1,740 ) 587 (2,777 ) Balance at end of period $ (1,770 ) (1,148 ) (1,770 ) (1,148 )

DERIVATIVE INSTRUMENTS AND HEDG

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES	6 Months Ended
	Jun. 30, 2015
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risk, including interest rate, liquidity and credit risk primarily by managing the amount, sources and duration of its debt funding and, to a limited extent, the use of derivative instruments. Specifically, the Company has entered into derivative instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative instruments, described below, are used to manage differences in the amount, timing and duration of the Company's known or expected cash payments principally related to certain of the Company's borrowings. The Company's objective in using interest rate derivatives is to manage exposure to interest rate movements and add stability to interest expense. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of June 30, 2015 , the Company had five interest rate swaps outstanding, all of which are used to hedge the variable cash flows associated with unsecured loans. The Company executed an $80,000,000 interest rate swap associated with an $80,000,000 unsecured loan during the third quarter of 2012. During the third quarter of 2013, the Company entered into two forward starting interest rate swaps totaling $75,000,000 which are hedging an unsecured loan which closed in December 2013. During the third quarter of 2014, the Company executed a $75,000,000 interest rate swap associated with a $75,000,000 unsecured loan. During the first quarter of 2015, EastGroup executed a $75,000,000 interest rate swap associated with a $75,000,000 unsecured loan. All of the aforementioned interest rate swaps convert the related loans' LIBOR rate components to fixed interest rates for the entire terms of the loans, and the Company has concluded that each of the hedging relationships is highly effective. The effective portion of changes in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Other Comprehensive Income (Loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives, which is immaterial for the periods reported, is recognized directly in earnings (included in Other on the Consolidated Statements of Income and Comprehensive Income). Amounts reported in Other Comprehensive Income (Loss) related to derivatives will be reclassified to Interest Expense as interest payments are made on the Company's variable-rate debt. The Company estimates that an additional $3,810,000 will be reclassified from Other Comprehensive Income (Loss) as an increase to Interest Expense over the next twelve months. The Company's valuation methodology for over-the-counter (“OTC”) derivatives is to discount cash flows based on Overnight Index Swap (“OIS”) rates. Uncollateralized or partially-collateralized trades are discounted at OIS, but include appropriate economic adjustments for funding costs (i.e., a LIBOR-OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. As of January 15, 2015, the Company began calculating its derivative valuations using mid-market prices; prior to that date, the Company used bid-market prices. The change in valuation methodology is considered a change in accounting estimate and is the result of recent developments in the marketplace. Management has assessed the impact of the change for all periods presented and has deemed the impact to be immaterial. As of June 30, 2015 and December 31, 2014 , the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Interest Rate Derivative Notional Amount as of June 30, 2015 Notional Amount as of December 31, 2014 (In thousands) Interest Rate Swap $80,000 $80,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $75,000 — Interest Rate Swap $60,000 $60,000 Interest Rate Swap $15,000 $15,000 The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of June 30, 2015 Derivatives As of December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other Assets $ 1,585 Other Assets $ 812 Interest rate swap liabilities Other Liabilities 3,479 Other Liabilities 3,314 The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2015 and 2014: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ 2,006 (2,321 ) (1,462 ) (3,922 ) Amount of loss reclassified from Accumulated Other Comprehensive Loss into Interest Expense (1,116 ) (581 ) (2,049 ) (1,145 ) See Note 12 for additional information on the Company's Accumulated Other Comprehensive Loss resulting from its interest rate swaps. Derivative financial agreements expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company believes it minimizes the credit risk by transacting with financial institutions the Company regards as credit-worthy. The Company has an agreement with its derivative counterparties containing a provision stating that the Company could be declared in default on its derivative obligations if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender. As of June 30, 2015 , the fair value of derivatives in an asset position related to these agreements was $1,585,000 , and the fair value of derivatives in a liability position related to these agreements was $3,479,000 . If the Company breached any of the contractual provisions of the derivative contracts, it could be required to settle its obligation under the agreements at the swap termination value. As of June 30, 2015 , the swap termination value of derivatives in an asset position was an asset in the amount of $1,631,000 , and the swap termination value of derivatives in a liability position was a liability in the amount of $3,517,000 .

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings per Share	EARNINGS PER SHARE The Company applies ASC 260, Earnings Per Share , which requires companies to present basic and diluted earnings per share (EPS). Basic EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period. The Company’s basic EPS is calculated by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding. The weighted average number of common shares outstanding does not include any potentially dilutive securities or any unvested restricted shares of common stock. These unvested restricted shares, although classified as issued and outstanding, are considered forfeitable until the restrictions lapse and will not be included in the basic EPS calculation until the shares are vested. Diluted EPS represents the amount of earnings for the period attributable to each share of common stock outstanding during the reporting period and to each share that would have been outstanding assuming the issuance of common shares for all dilutive potential common shares outstanding during the reporting period. The Company calculates diluted EPS by dividing Net Income Attributable to EastGroup Properties, Inc. Common Stockholders by the weighted average number of common shares outstanding plus the dilutive effect of unvested restricted stock. The dilutive effect of unvested restricted stock is determined using the treasury stock method. Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 14,533 9,118 24,463 17,490 Denominator – weighted average shares outstanding 32,045 31,137 32,039 30,972 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 14,533 9,118 24,463 17,490 Denominator: Weighted average shares outstanding 32,045 31,137 32,039 30,972 Unvested restricted stock 94 107 82 91 Total Shares 32,139 31,244 32,121 31,063

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION EastGroup applies the provisions of ASC 718, Compensation - Stock Compensation, to account for its stock-based compensation plans. ASC 718 requires that the compensation cost relating to share-based payment transactions be recognized in the financial statements and that the cost be measured on the fair value of the equity or liability instruments issued. Stock-based compensation cost for employees was $1,839,000 and $4,180,000 for the three and six months ended June 30, 2015 , respectively, of which $399,000 and $821,000 were capitalized as part of the Company's development costs. For the three and six months ended June 30, 2014 , stock-based compensation cost for employees was $1,348,000 and $3,417,000 , respectively, of which $321,000 and $832,000 were capitalized as part of the Company’s development costs. Stock-based compensation expense for directors was $ 124,000 and $248,000 for the three and six months ended June 30, 2015 , respectively, and $120,000 and $239,000 for the same periods of 2014. In the second quarter of 2015, the Company’s Board of Directors approved an equity compensation plan for its executive officers based upon certain annual performance measures (primarily funds from operations (FFO) per share and total shareholder return). Any shares issued pursuant to this compensation plan will be determined by the Compensation Committee in its discretion and issued in the first quarter of 2016. The number of shares to be issued on the grant date could range from zero to 49,366 . These shares will vest 20% on the date shares are determined and awarded and generally will vest 20% per year on each January 1 for the subsequent four years. Also in the second quarter of 2015, EastGroup’s Board of Directors approved a long-term equity compensation plan for the Company’s executive officers. The awards will be based on the results of the Company's total shareholder return, both on an absolute basis for 2015 as well as on a relative basis compared to the NAREIT Equity Index, NAREIT Industrial Index and Russell 2000 Index over the five-year period ending December 31, 2015. Any shares issued pursuant to this equity compensation plan will be determined by the Compensation Committee in its discretion and issued in the first quarter of 2016. The number of shares to be issued on the grant date could range from zero to 51,432 . These shares will vest 25% on the date shares are determined and awarded and generally will vest 25% per year on each January 1 for the subsequent three years. During the second quarter of 2015, 23,525 shares were granted to certain non-executive officers subject only to continued service as of the vesting date. These shares, which have a grant date fair value of $60.89 per share, will vest 20% per year on January 1 in years 2016, 2017, 2018, 2019 and 2020. Notwithstanding the foregoing, shares issued to the Company’s Chief Executive Officer, David H. Hoster II, and Chief Financial Officer, N. Keith McKey, will become fully vested no later than January 1, 2016 and April 6, 2016, respectively. Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to participants with the related weighted average grant date fair value share prices. Of the shares that vested in the first six months of 2015 , the Company withheld 32,409 shares to satisfy the tax obligations for those participants who elected this option as permitted under the applicable equity plan. As of the vesting date, the fair value of shares that vested during the first six months of 2015 was $6,664,000 . Three Months Ended Six Months Ended Award Activity: June 30, 2015 June 30, 2015 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 237,485 $ 51.88 266,223 $ 49.81 Granted 23,525 60.89 100,622 61.07 Forfeited — — — — Vested — — (105,835 ) 53.40 Unvested at end of period 261,010 $ 52.69 261,010 $ 52.69

RISKS AND UNCERTAINTIES

RISKS AND UNCERTAINTIES	6 Months Ended
	Jun. 30, 2015
Risks and Uncertainties [Abstract]
Risks and Uncertainties	RISKS AND UNCERTAINTIES The state of the overall economy can significantly impact the Company’s operational performance and thus impact its financial position. Should EastGroup experience a significant decline in operational performance, it may affect the Company’s ability to make distributions to its shareholders, service debt, or meet other financial obligations.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	RECENT ACCOUNTING PRONOUNCEMENTS EastGroup has evaluated all ASUs recently released by the FASB through the date the financial statements were issued and determined that ASU 2014-09 and ASU 2015-03 apply to the Company. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2018. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. For public business entities, the ASU is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Entities should apply the new guidance on a retrospective basis, wherein the balance sheet of each individual period presented should be adjusted to reflect the period-specific effects of applying the new guidance. Upon transition, entities are required to comply with the applicable disclosures for a change in an accounting principle. EastGroup plans to adopt ASU 2015-03 effective January 1, 2016; as such, the Company plans to present debt issuance costs as a direct deduction from the carrying amounts of its debt liabilities and to provide all necessary disclosures beginning with the Form 10-Q for the period ended March 31, 2016.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820, Fair Value Measurements and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also provides guidance for using fair value to measure financial assets and liabilities. The Codification requires disclosure of the level within the fair value hierarchy in which the fair value measurements fall, including measurements using quoted prices in active markets for identical assets or liabilities (Level 1), quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active (Level 2), and significant valuation assumptions that are not readily observable in the market (Level 3). The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 13 13 11 11 Cash held in escrow for 1031 exchange — — 698 698 Mortgage loans receivable 4,934 4,978 4,991 5,055 Interest rate swap assets 1,585 1,585 812 812 Financial Liabilities: Secured debt 385,714 405,240 453,776 478,659 Unsecured debt 455,000 428,493 380,000 364,295 Unsecured bank credit facilities 133,328 133,688 99,401 99,638 Interest rate swap liabilities 3,479 3,479 3,314 3,314 (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as explained in the notes below. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and cash equivalents: The carrying amounts approximate fair value due to the short maturity of those instruments. Cash held in escrow for 1031 exchange (included in Other Assets on the Consolidated Balance Sheets): The carrying amounts approximate fair value due to the short maturity of those instruments. Mortgage loans receivable (included in Other Assets on the Consolidated Balance Sheets): The fair value is estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities (Level 2 input). Interest rate swap assets (included in Other Assets on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps. Secured debt: The fair value of the Company’s secured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input). Unsecured debt: The fair value of the Company’s unsecured debt is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers (Level 2 input). Unsecured bank credit facilities: The fair value of the Company’s unsecured bank credit facilities is estimated by discounting expected cash flows at current market rates (Level 2 input). Interest rate swap liabilities (included in Other Liabilities on the Consolidated Balance Sheets): The instruments are recorded at fair value based on models using inputs, such as interest rate yield curves, LIBOR swap curves and OIS curves, observable for substantially the full term of the contract (Level 2 input). See Note 13 for additional information on the Company's interest rate swaps.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Event [Line Items]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS EastGroup's current $225 million and $25 million unsecured bank credit facilities have margins over LIBOR of 117.5 basis points, facility fees of 22.5 basis points and maturity dates of January 5, 2017 . The Company has negotiated terms to amend the credit facilities and expects to close on the amended agreements by the end of July. The amended agreements expand the current facilities to $300 million and $35 million , reduce the margins to 100 basis points and the facility fees to 20 basis points, and extend the maturity dates to four years from closing. The amended $300 million agreement contains an option for a one -year extension (at the Company's election) and a $150 million expansion (with agreement by both parties). The $35 million agreement contains a provision that the credit facility would automatically be extended for one year if the extension option in the $300 million facility is exercised. The transaction is expected to close by the end of July 2015, subject to due diligence and completion of final documentation. EastGroup has also entered into an agreement in principle with two insurance companies under which the Company plans to issue $75 million of senior unsecured private placement notes which are expected to close in October. The 10 -year notes will have a weighted average interest rate of 3.98% with semi-annual interest payments. The notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. The transaction is expected to close in October 2015, and the issuance of the notes in this private placement is subject to due diligence and completion of final documentation.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidation	The consolidated financial statements include the accounts of EastGroup Properties, Inc., its wholly owned subsidiaries and its investment in any joint ventures in which the Company has a controlling interest. At June 30, 2015 and December 31, 2014 , the Company had a controlling interest in two joint ventures: the 80% owned University Business Center and the 80% owned Castilian Research Center. The Company records 100% of the joint ventures’ assets, liabilities, revenues and expenses with noncontrolling interests provided for in accordance with the joint venture agreements. The equity method of accounting is used for the Company’s 50% undivided tenant-in-common interest in Industry Distribution Center II. All significant intercompany transactions and accounts have been eliminated in consolidation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and revenues and expenses during the reporting period and to disclose material contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.
Business Combinations	Upon acquisition of real estate properties, the Company applies the principles of Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 805, Business Combinations , which requires that acquisition-related costs be recognized as expenses in the periods in which the costs are incurred and the services are received. The Codification also provides guidance on how to properly determine the allocation of the purchase price among the individual components of both the tangible and intangible assets based on their respective fair values. Goodwill is recorded when the purchase price exceeds the fair value of the assets and liabilities acquired. Factors considered by management in allocating the cost of the properties acquired include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. The allocation to tangible assets (land, building and improvements) is based upon management's determination of the value of the property as if it were vacant using discounted cash flow models. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar properties. The cost of the properties acquired may be adjusted based on indebtedness assumed from the seller that is determined to be above or below market rates. The purchase price is also allocated among the following categories of intangible assets: the above or below market component of in-place leases, the value of in-place leases, and the value of customer relationships. The value allocable to the above or below market component of an acquired in-place lease is determined based upon the present value (using a discount rate reflecting the risks associated with the acquired leases) of the difference between (i) the contractual amounts to be paid pursuant to the lease over its remaining term, and (ii) management’s estimate of the amounts that would be paid using fair market rates over the remaining term of the lease. The amounts allocated to above and below market leases are included in Other Assets and Other Liabilities , respectively, on the Consolidated Balance Sheets and are amortized to rental income over the remaining terms of the respective leases. The total amount of intangible assets is further allocated to in-place lease values and customer relationship values based upon management’s assessment of their respective values. These intangible assets are included in Other Assets on the Consolidated Balance Sheets and are amortized over the remaining term of the existing lease or the anticipated life of the customer relationship, as applicable.
Discontinued Operations	The Company considers a real estate property to be held for sale when it meets the criteria established under ASC 360, Property, Plant and Equipment, including when it is probable that the property will be sold within a year. Real estate properties held for sale are reported at the lower of the carrying amount or fair value less estimated costs to sell and are not depreciated while they are held for sale. In April 2014, the FASB issued Accounting Standards Update (ASU) 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360), Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amended the requirements for reporting discontinued operations. Under ASU 2014-08, a disposal of a component of an entity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results when the component or group of components meets the criteria to be classified as held for sale or when the component or group of components is disposed of by sale or other than by sale. In addition, this ASU requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The Company adopted the provisions of ASU 2014-08 as of January 1, 2014, and has applied the provisions prospectively. EastGroup sold a small parcel of land in New Orleans during the first quarter of 2015 for gross proceeds of $170,000 and recognized a gain of $123,000 . During the second quarter of 2015, EastGroup sold one operating property, the last of its three Ambassador Row Warehouses containing 185,000 square feet, for $5,250,000 and recognized a gain of $2,903,000 . During 2014, EastGroup sold five operating properties ( 442,000 square feet) for $21,381,000 and recognized gains of $9,188,000 . In addition, the Company sold a small parcel of land in Orlando for $141,000 and recognized a gain of $98,000 . The results of operations and gains on sales for the properties sold or held for sale during the periods presented are reported in continuing operations on the Consolidated Statements of Income and Comprehensive Income. The gains on the sales of land are included in Other , and the gains on the sales of operating properties are included in Gains on sales of real estate investments .

REAL ESTATE PROPERTIES (Tables)

REAL ESTATE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate Investment Property, Net [Abstract]
Schedule of Real Estate Properties	The Company’s real estate properties and development at June 30, 2015 and December 31, 2014 were as follows: June 30, December 31, (In thousands) Real estate properties: Land $ 286,708 283,116 Buildings and building improvements 1,311,445 1,284,961 Tenant and other improvements 334,808 326,896 Development 198,143 179,973 2,131,104 2,074,946 Less accumulated depreciation (627,336 ) (600,526 ) $ 1,503,768 1,474,420

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2015
Other Assets [Abstract]
Other Assets	A summary of the Company’s Other Assets follows: June 30, December 31, (In thousands) Leasing costs (principally commissions) $ 56,784 56,171 Accumulated amortization of leasing costs (22,486 ) (22,951 ) Leasing costs (principally commissions), net of accumulated amortization 34,298 33,220 Straight-line rents receivable 25,647 25,013 Allowance for doubtful accounts on straight-line rents receivable (272 ) (102 ) Straight-line rents receivable, net of allowance for doubtful accounts 25,375 24,911 Accounts receivable 2,820 4,459 Allowance for doubtful accounts on accounts receivable (310 ) (379 ) Accounts receivable, net of allowance for doubtful accounts 2,510 4,080 Acquired in-place lease intangibles 18,322 20,118 Accumulated amortization of acquired in-place lease intangibles (8,734 ) (8,345 ) Acquired in-place lease intangibles, net of accumulated amortization 9,588 11,773 Acquired above market lease intangibles 1,444 1,575 Accumulated amortization of acquired above market lease intangibles (686 ) (699 ) Acquired above market lease intangibles, net of accumulated amortization 758 876 Loan costs 8,140 8,166 Accumulated amortization of loan costs (4,474 ) (4,454 ) Loan costs, net of accumulated amortization 3,666 3,712 Mortgage loans receivable 4,934 4,991 Interest rate swap assets 1,585 812 Escrow deposits for 1031 exchange — 698 Receivable for development infrastructure cost reimbursements 2,020 — Goodwill 990 990 Prepaid expenses and other assets 5,888 7,446 Total Other Assets $ 91,612 93,509

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Principal payments due during the next five years	Principal payments on long-term debt, including Secured Debt and Unsecured Debt (not including Unsecured Bank Credit Facilities ), as of June 30, 2015 are as follows: Years Ending December 31, (In thousands) Remainder of 2015 $ 34,312 2016 92,808 2017 58,239 2018 141,316 2019 130,568 2020 and beyond 383,471

ACCOUNTS PAYABLE AND ACCRUED 32

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Summary of Accounts Payable and Accrued Expenses	A summary of the Company’s Accounts Payable and Accrued Expenses follows: June 30, December 31, (In thousands) Property taxes payable $ 15,688 15,216 Development costs payable 7,773 7,920 Interest payable 3,192 3,500 Dividends payable on unvested restricted stock 1,845 2,096 Other payables and accrued expenses 6,668 10,707 Total Accounts Payable and Accrued Expenses $ 35,166 39,439

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Other Liabilities Disclosure [Abstract]
Summary of other liabilities	A summary of the Company’s Other Liabilities follows: June 30, December 31, (In thousands) Security deposits $ 13,072 12,803 Prepaid rent and other deferred income 9,028 8,971 Acquired below-market lease intangibles 3,371 3,657 Accumulated amortization of below-market lease intangibles (1,444 ) (1,380 ) Acquired below-market lease intangibles, net of accumulated amortization 1,927 2,277 Interest rate swap liabilities 3,479 3,314 Prepaid tenant improvement reimbursements 31 212 Other liabilities 316 16 Total Other Liabilities $ 27,853 27,593

COMPREHENSIVE INCOME (Tables)

COMPREHENSIVE INCOME (Tables)	6 Months Ended
	Jun. 30, 2015
COMPREHENSIVE INCOME [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	The components of Accumulated Other Comprehensive Income (Loss) are presented in the Company's Consolidated Statement of Changes in Equity and are summarized below. See Note 13 for information regarding the Company's interest rate swaps. Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS): Balance at beginning of period $ (4,892 ) 592 (2,357 ) 1,629 Change in fair value of interest rate swaps 3,122 (1,740 ) 587 (2,777 ) Balance at end of period $ (1,770 ) (1,148 ) (1,770 ) (1,148 )

DERIVATIVE INSTRUMENTS AND HE35

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)	6 Months Ended
	Jun. 30, 2015
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES [Abstract]
Schedule of Derivative Instruments [Table Text Block]	As of June 30, 2015 and December 31, 2014 , the Company had the following outstanding interest rate derivatives that are designated as cash flow hedges of interest rate risk: Interest Rate Derivative Notional Amount as of June 30, 2015 Notional Amount as of December 31, 2014 (In thousands) Interest Rate Swap $80,000 $80,000 Interest Rate Swap $75,000 $75,000 Interest Rate Swap $75,000 — Interest Rate Swap $60,000 $60,000 Interest Rate Swap $15,000 $15,000
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 . See Note 18 for additional information on the fair value of the Company's interest rate swaps. Derivatives As of June 30, 2015 Derivatives As of December 31, 2014 Balance Sheet Location Fair Value Balance Sheet Location Fair Value (In thousands) Derivatives designated as cash flow hedges: Interest rate swap assets Other Assets $ 1,585 Other Assets $ 812 Interest rate swap liabilities Other Liabilities 3,479 Other Liabilities 3,314
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]	The table below presents the effect of the Company's derivative financial instruments on the Consolidated Statements of Income and Comprehensive Income for the three and six months ended June 30, 2015 and 2014: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 (In thousands) DERIVATIVES IN CASH FLOW HEDGING RELATIONSHIPS Interest Rate Swaps: Amount of income (loss) recognized in Other Comprehensive Income (Loss) on derivatives $ 2,006 (2,321 ) (1,462 ) (3,922 ) Amount of loss reclassified from Accumulated Other Comprehensive Loss into Interest Expense (1,116 ) (581 ) (2,049 ) (1,145 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings Per Share	Reconciliation of the numerators and denominators in the basic and diluted EPS computations is as follows: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 (In thousands) BASIC EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 14,533 9,118 24,463 17,490 Denominator – weighted average shares outstanding 32,045 31,137 32,039 30,972 DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS Numerator – net income attributable to common stockholders $ 14,533 9,118 24,463 17,490 Denominator: Weighted average shares outstanding 32,045 31,137 32,039 30,972 Unvested restricted stock 94 107 82 91 Total Shares 32,139 31,244 32,121 31,063

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of total shares granted, forfeited and delivered	Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to participants with the related weighted average grant date fair value share prices. Of the shares that vested in the first six months of 2015 , the Company withheld 32,409 shares to satisfy the tax obligations for those participants who elected this option as permitted under the applicable equity plan. As of the vesting date, the fair value of shares that vested during the first six months of 2015 was $6,664,000 . Three Months Ended Six Months Ended Award Activity: June 30, 2015 June 30, 2015 Shares Weighted Average Grant Date Fair Value Shares Weighted Average Grant Date Fair Value Unvested at beginning of period 237,485 $ 51.88 266,223 $ 49.81 Granted 23,525 60.89 100,622 61.07 Forfeited — — — — Vested — — (105,835 ) 53.40 Unvested at end of period 261,010 $ 52.69 261,010 $ 52.69

FAIR VALUE OF FINANCIAL INSTR38

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Carrying amounts and fair value of financial instruments	The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments in accordance with ASC 820 at June 30, 2015 and December 31, 2014 . June 30, 2015 December 31, 2014 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value (In thousands) Financial Assets: Cash and cash equivalents $ 13 13 11 11 Cash held in escrow for 1031 exchange — — 698 698 Mortgage loans receivable 4,934 4,978 4,991 5,055 Interest rate swap assets 1,585 1,585 812 812 Financial Liabilities: Secured debt 385,714 405,240 453,776 478,659 Unsecured debt 455,000 428,493 380,000 364,295 Unsecured bank credit facilities 133,328 133,688 99,401 99,638 Interest rate swap liabilities 3,479 3,479 3,314 3,314 (1) Carrying amounts shown in the table are included in the Consolidated Balance Sheets under the indicated captions, except as explained in the notes below.

PRINCIPLES OF CONSOLIDATION (De

PRINCIPLES OF CONSOLIDATION (Details) - joint_ventures	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Subsidiaries [Line Items]
Joint Ventures	2	2
University Business Center [Member]
Subsidiaries [Line Items]
Joint venture ownership interest	80.00%	80.00%
Joint ventures' assets, liabilities, revenues and expenses with noncontrolling interests	100.00%	100.00%
Castilian Research Center [Member]
Subsidiaries [Line Items]
Joint venture ownership interest	80.00%	80.00%
Joint ventures' assets, liabilities, revenues and expenses with noncontrolling interests	100.00%	100.00%
Industry Distribution Center II - undivided tenant [Member]
Subsidiaries [Line Items]
Tenant-in-common interest	50.00%	50.00%

REAL ESTATE PROPERTIES (Details

REAL ESTATE PROPERTIES (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Real Estate Properties [Line Items]
Depreciation Expense During the Period	$ 14,720,000	$ 14,094,000	$ 29,558,000	$ 28,067,000
Real Estate Properties
Land	286,708,000		286,708,000		$ 283,116,000
Building and building improvements	1,311,445,000		1,311,445,000		1,284,961,000
Tenant and other improvements	334,808,000		334,808,000		326,896,000
Development	198,143,000		198,143,000		179,973,000
Real estate and development properties	2,131,104,000		2,131,104,000		2,074,946,000
Less accumulated depreciation	(627,336,000)		(627,336,000)		(600,526,000)
Real estate, net	$ 1,503,768,000		$ 1,503,768,000		$ 1,474,420,000
Building [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life			40 years
Minimum [Member] | Improvements [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life			3 years
Maximum [Member] | Improvements [Member]
Real Estate Properties [Line Items]
Property, Plant and Equipment, Useful Life			15 years

DEVELOPMENT (Details)

DEVELOPMENT (Details) - Jun. 30, 2015	Total
DEVELOPMENT [Abstract]
Percentage of Property Occupation by Tenants when Development Cost Ceased Being Capitalized	80.00%
Length of Time After Project Completion When Development Cost are no Longer Capitalized	1 year

BUSINESS COMBINATIONS AND ACQ42

BUSINESS COMBINATIONS AND ACQUIRED INTANGIBLES (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Business Acquisition [Line Items]
Amortization expense for lease intangibles	$ 1,041,000	$ 1,121,000	$ 2,185,000	$ 2,333,000
Above and below market leases Increase (decrease) rental Income	110,000	89,000	232,000	176,000
Acquisition-related costs expensed	$ 0	$ 160,000	$ 0	$ 160,000
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center[Domain]
Business Acquisition [Line Items]
Total cost of properties purchased					$ 51,652,000
Amount of total cost allocated to real estate properties					47,477,000
Amount of total cost allocated to land					10,822,000
Cash paid for acquired properties					48,805,000
Mortgages assumed in connection with purchase of real estate, face amount					2,617,000
Premium on mortgage loan, amount recognized at assumption of loan					230,000
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center[Domain] | Leases, Acquired-in-Place [Member]
Business Acquisition [Line Items]
Intangible acquired associated with purchase of Real Estate					5,074,000
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center[Domain] | Below market lease [Member]
Business Acquisition [Line Items]
Intangible acquired associated with purchase of Real Estate					903,000
Ridge Creek Distribution Center III, Colorado Crossing Distribution Center and Ramona Distribution Center[Domain] | Above Market Leases [Member]
Business Acquisition [Line Items]
Intangible acquired associated with purchase of Real Estate					$ 4,000

REAL ESTATE HELD FOR SALE DIS43

REAL ESTATE HELD FOR SALE DISCONTINUED OPERATIONS (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015USD ($)ft²properties	Dec. 31, 2014USD ($)ft²Integer
Ambassador Row Warehouse (one building sold in 2015) [Member]
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties transferred to held for sale and sold | properties	1
Square Footage of Real Estate Property | ft²	185,000
Gain (Loss) on Sale of Properties	$ 2,903,000
Proceeds from Sale of Property, Plant, and Equipment	5,250,000
Northpoint, Tampa West VI, Clay Campbell, Kirby and Ambassador (two buildings) property sales [Member]
Long Lived Assets Held-for-sale [Line Items]
Number of real estate properties transferred to held for sale and sold | Integer		5
Square Footage of Real Estate Property | ft²		442,000
Gain (Loss) on Sale of Properties		$ 9,188,000
Proceeds from Sale of Property, Plant, and Equipment		21,381,000
Land [Member]
Long Lived Assets Held-for-sale [Line Items]
Proceeds from Sale of Property, Plant, and Equipment	170,000	141,000
Gain on sales of land	$ 123,000	$ 98,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Assets Components [Abstract]
Leasing costs (principally commissions)	$ 56,784	$ 56,171
Accumulated amortization of leasing costs	(22,486)	(22,951)
Leasing costs (principally commissions), net of accumulated amortization	34,298	33,220
Straight-line rents receivable	25,647	25,013
Allowance for doubtful accounts on straight-line rents receivable	(272)	(102)
Straight-line rents receivable, net of allowance for doubtful accounts	25,375	24,911
Accounts receivable	2,820	4,459
Allowance for doubtful accounts on accounts receivable	(310)	(379)
Accounts receivable, net of allowance for doubtful accounts	2,510	4,080
Acquired in-place lease intangibles	18,322	20,118
Accumulated amortization of acquired in-place lease intangibles	(8,734)	(8,345)
Acquired in-place lease intangibles, net of accumulated amortization	9,588	11,773
Acquired above market lease intangibles	1,444	1,575
Accumulated amortization of acquired above market lease intangibles	(686)	(699)
Acquired above market lease intangibles, net of accumulated amortization	758	876
Loan costs	8,140	8,166
Accumulated amortization of loan costs	(4,474)	(4,454)
Loan costs, net of accumulated amortization	3,666	3,712
Mortgage loans receivable	4,934	4,991
Interest rate swap assets	1,585	812
Escrow deposits for 1031 exchange	0	698
Receivable for development infrastructure costs	2,020	0
Goodwill	990	990
Prepaid expenses and other assets	5,888	7,446
Other Assets Total	$ 91,612	$ 93,509

DEBT (Details)

DEBT (Details) - USD ($)	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2015
Secured and Unsecured Debt [Line Items]
Unsecured bank credit facilities, change during period		$ 33,927,000
Secured and unsecured debt [Member]
Payments of principal over future years [Abstract]
Remainder of 2015		34,312,000
2,016		92,808,000
2,017		58,239,000
2,018		141,316,000
2,019		130,568,000
2020 and beyond		383,471,000
Secured Debt [Member]
Secured and Unsecured Debt [Line Items]
Secured debt, change during period		(68,062,000)
Secured debt, amount repaid during period		57,450,000
Secured debt, principal payments during period		10,592,000
Amortization of Debt Discount (Premium)		20,000
Unsecured Debt [Member]
Secured and Unsecured Debt [Line Items]
Unsecured debt, change during period		$ 75,000,000
$75 million interest rate swap executed in 2015 [Member]
Secured and Unsecured Debt [Line Items]
Derivative, Notional Amount	$ 75,000,000
$75 million interest rate swap executed in 2015 [Member] | Unsecured Debt [Member]
Secured and Unsecured Debt [Line Items]
Long-term Debt, Maturities, Repayment Terms (in years)	7
Long-term debt, margin over LIBOR rate	1.40%
Effective Interest Rate	3.031%

ACCOUNTS PAYABLE AND ACCRUED 46

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts Payable and Accrued Liabilities [Abstract]
Property taxes payable	$ 15,688	$ 15,216
Development costs payable	7,773	7,920
Interest payable	3,192	3,500
Dividends payable on unvested restricted stock	1,845	2,096
Other payables and accrued expenses	6,668	10,707
Accounts payable and accrued expenses	$ 35,166	$ 39,439

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Other Liabilities, Unclassified [Abstract]
Security deposits	$ 13,072	$ 12,803
Prepaid rent and other deferred income	9,028	8,971
Acquired Below Market Lease Intangibles	3,371	3,657
Accumulated Amortization of Acquired Below Market Lease Intangibles	(1,444)	(1,380)
Acquired Below Market Lease Intangibles, Net of Accumulated Amortization	1,927	2,277
Interest rate swap liabilities	3,479	3,314
Prepaid tenant improvement reimbursements	31	212
Other liabilities	316	16
Other Liabilities - total	$ 27,853	$ 27,593

COMPREHENSIVE INCOME (Details)

COMPREHENSIVE INCOME (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
COMPREHENSIVE INCOME [Abstract]
Balance at Beginning of Period, Accumulated Other Comprehensive Income (Loss)	$ (4,892)	$ 592	$ (2,357)	$ 1,629
Net unrealized change in fair value of interest rate swaps	3,122	(1,740)	587	(2,777)
Balance at End of Period, Accumulated Other Comprehensive Income (Loss)	$ (1,770)	$ (1,148)	$ (1,770)	$ (1,148)

DERIVATIVE INSTRUMENTS AND HE49

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2015USD ($)Integer	Jun. 30, 2014USD ($)	Sep. 30, 2013USD ($)	Jun. 30, 2015USD ($)Integer	Jun. 30, 2014USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2012USD ($)
Derivative [Line Items]
Number of interest rate swaps | Integer	5			5
Interest Rate Cash Flow Hedge Assets at Fair Value	$ 1,585,000			$ 1,585,000			$ 812,000
Interest rate cash flow hedge liabilities at fair value	3,479,000			3,479,000			3,314,000
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Derivative Instruments, Income (Loss) Recognized in Other Comprehensive Loss, Effective Portion, Net	2,006,000	$ (2,321,000)		(1,462,000)	$ (3,922,000)
Amount of loss reclassified from accumulated other comprehensive loss into interest expense	(1,116,000)	$ (581,000)		(2,049,000)	$ (1,145,000)
Cash flow hedge amount to be reclassified to Interest Expense in next 12 months [Line Items]	3,810,000			3,810,000
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Interest Rate Cash Flow Hedge Assets at Fair Value	1,585,000			1,585,000			812,000
Interest rate swap cash flow hedge termination value	1,631,000			1,631,000
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Interest rate cash flow hedge liabilities at fair value	3,479,000			3,479,000			3,314,000
Interest rate swap cash flow hedge termination value	3,517,000			3,517,000
$80 million interest rate swap [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	80,000,000			80,000,000			80,000,000		$ 80,000,000
$75 million interest rate swap executed in 2014 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	75,000,000			75,000,000			75,000,000	$ 75,000,000
Eighty Million Unsecured Term Loan [Member]
Derivative [Line Items]
Term Loan Notional Amount Associated with Interest Rate Swap Derivative							80,000,000		$ 80,000,000
$60 million interest rate swap [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	60,000,000			60,000,000			60,000,000
$15 million interest rate swap [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	15,000,000			15,000,000			15,000,000
Seventy-five Million Unsecured Term Loan [Member]
Derivative [Line Items]
Term Loan Notional Amount Associated with Interest Rate Swap Derivative							75,000,000
$75 million interest rate swaps [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives			$ 75,000,000
Number of interest rate swaps entered into during period			2
Seventy-Five Million Unsecured Term Loan executed in 2014 [Member]
Derivative [Line Items]
Term Loan Notional Amount Associated with Interest Rate Swap Derivative								$ 75,000,000
$75 million interest rate swap executed in 2015 [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives	$ 75,000,000			$ 75,000,000			$ 0
Seventy-Five Million Unsecured Term Loan executed in 2015 [Member]
Derivative [Line Items]
Notional Amount of Interest Rate Derivatives						$ 75,000,000
Term Loan Notional Amount Associated with Interest Rate Swap Derivative						$ 75,000,000

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
BASIC EPS COMPUTATION FOR NET INCOME AVAILABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS [Abstract]
Numerator – net income attributable to common stockholders	$ 14,533	$ 9,118	$ 24,463	$ 17,490
Denominator - Weighted average shares outstanding	32,045	31,137	32,039	30,972
DILUTED EPS COMPUTATION FOR NET INCOME ATTRIBUTABLE TO EASTGROUP PROPERTIES, INC. COMMON STOCKHOLDERS
Numerator – net income attributable to common stockholders	$ 14,533	$ 9,118	$ 24,463	$ 17,490
Denominator - Weighted average shares outstanding	32,045	31,137	32,039	30,972
Unvested restricted stock	94	107	82	91
Total Shares	32,139	31,244	32,121	31,063

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense			$ (4,709,000)
Award Recipient Type Employee [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation costs capitalized as development costs	$ 399,000	$ 321,000	821,000	$ 832,000
Allocated Share-based Compensation Expense	$ 1,839,000	1,348,000	$ 4,180,000	3,417,000
Shares withheld for tax obligations			32,409
Fair value of shares vested as of the vesting date			$ 6,664,000
Award Recipient Type Employee [Member] | Restricted Stock [Member] | Non Executive Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vesting Rights (% vesting per year in future years)	20.00%
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted	23,525
Grant date fair value of shares issued (in dollars per share)	$ 60.89
Weighted Average Grant Date Fair Value [Abstract]
Granted (per share)	60.89
Award Recipient Type Employee [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Company Performance Awards [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum)			0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum)			49,366
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date			20.00%
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights			20.00%
Award Recipient Type Employee [Member] | Equity Incentive Plan 2013 [Member] | Restricted Stock [Member] | Shareholder Return Awards [Member] | Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (minimum)			0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other Than Options, Potential Grants in Future Period (maximum)			51,432
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Percent of future vesting that will occur on grant date			25.00%
Share Based Compensation Arrangement By Share Based Payment Award Possible Shares To Be Awarded Vesting Rights			25.00%
Award Recipient Type Employees and Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date fair value of shares issued (in dollars per share)	$ 60.89		$ 61.07
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested at beginning of period (in shares)	237,485		266,223
Granted (in shares)	23,525		100,622
Forfeited (in shares)	0		0
Vested (in shares)	0		(105,835)
Unvested at end of period (in shares)	261,010		261,010
Weighted Average Grant Date Fair Value [Abstract]
Unvested at beginning of period (per share)	$ 51.88		$ 49.81
Granted (per share)	60.89		61.07
Forfeited (per share)	0		0
Vested (per share)	0		53.40
Unvested at end of period (per share)	$ 52.69		$ 52.69
Award Recipient Type Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 124,000	$ 120,000	$ 248,000	$ 239,000

FAIR VALUE OF FINANCIAL INSTR52

FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Financial Assets [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 13	$ 11	$ 19	$ 8
Cash held in escrow for 1031 exchange	0	698
Carrying Amount [Member]
Financial Assets [Abstract]
Cash and Cash Equivalents, at Carrying Value	13	11
Cash held in escrow for 1031 exchange	0	698
Mortgage loans receivable	4,934	4,991
Interest rate swap assets	1,585	812
Financial Liabilities [Abstract]
Secured debt	385,714	453,776
Unsecured debt	455,000	380,000
Unsecured bank credit facilities	133,328	99,401
Interest rate swap liabilities	3,479	3,314
Fair Value [Member]
Financial Assets [Abstract]
Cash and Cash Equivalents, Fair Value Disclosure	13	11
Cash held in escrow for 1031 exchange	0	698
Mortgage loans receivable	4,978	5,055
Interest rate swap assets	1,585	812
Financial Liabilities [Abstract]
Secured debt	405,240	478,659
Unsecured debt	428,493	364,295
Unsecured bank credit facilities	133,688	99,638
Interest rate swap liabilities	$ 3,479	$ 3,314

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	1 Months Ended	6 Months Ended
	Jul. 20, 2015USD ($)	Jun. 30, 2015USD ($)
Private Placement [Member]
Subsequent Event [Line Items]
Number of insurance companies participating in senior unsecured private placement notes	2
Proceeds from Issuance of Private Placement	$ 75
Unsecured debt, term (in years)	10
Effective Interest Rate	3.98%
Former nine bank group unsecured revolving credit facility [Member] | Credit Facility [Domain]
Subsequent Event [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 225
MarginoverLIBORrate		1.175
Facility fee		0.225
Debt Instrument, Maturity Date		Jan. 5, 2017
Nine bank group unsecured revolving credit facility [Member] | Credit Facility [Domain]
Subsequent Event [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 300
MarginoverLIBORrate	1
Facility fee	0.2
Extension option on credit facility	1 year
Expansion option on credit facility	$ 150
Credit facility, maturity (in years)	4 years
Former Pnc na revolving credit facility [Member] | Credit Facility [Domain]
Subsequent Event [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 25
MarginoverLIBORrate		1.175
Facility fee		0.225
Debt Instrument, Maturity Date		Jan. 5, 2017
Pnc Na Unsecured revolving credit facility [Member] | Credit Facility [Domain]
Subsequent Event [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 35
MarginoverLIBORrate	1
Facility fee	0.20
Extension option on credit facility	1 year
Credit facility, maturity (in years)	4 years